Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

3. Debt

On August 15, 2022, the Company entered into a loan and security agreement, or the 2022 Loan Agreement, with Cogent Bank, or Cogent, pursuant to which it received $6.5 million in gross proceeds to purchase a building that will become the Company's new headquarters. The loan is secured by a first lien on the building.

As of September 30, 2022, the Company had $6.5 million in gross principal outstanding in a loan under the 2022 Loan Agreement. The outstanding loan will mature on August 15, 2027, or the Maturity Date, and bears interest at a fixed per annum rate equal to 5.75%. An interest-only period is one year followed by 48 months of equal payments of principal and interest beginning on September 15, 2023 based on a 25-year amortization rate. Upon the Maturity Date, a final payment of unamortized principal will be due to Cogent. The Company has the option to prepay the outstanding balance of the loan prior to the Maturity Date without penalty. As of September 30, 2022, the loan is presented net of debt issuance costs in Debt on the accompanying condensed balance sheet.